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10. Peru

Ranking last year: 7
Population: 29,549,517 (July 2012 est.)
GDP per capita: $10,000 (2011 est.)

Latin America’s expanding, dynamic retail sector and strong economic growth have driven strong results in the region. Seven Latin America countries were included in this year’s top 30 rankings.

Peru, which came in 10th place, has benefited from its strong economic growth. Its GDP grew 5 percent in 2011 and its retail sales rose 13 percent.

Since modern retailers still make up only a small share of the retail business in Peru, A.T. Kearney said there is a lot of potential for regional players to enter the market. Gap; luxury retailers Giorgio Armani, Chanel and Brooks Brothers; and sporting goods retailer Puma are among the retailers that either have recently entered the country or are planning to expand to Peru.

Photo: Paul Kennedy | Lonely Planet Images | Getty Images